With interest rates as high as 3%, the Neo Savings Account is an excellent choice to grow your savings. In addition to this, there are no monthly fees to pay, nor is there any minimum balance that you need to keep in the account.
Other than that, it's a basic savings account, but the high earn rates really are what drives this to be a popular product.
Neo Savings Account features
Here's an overview of the various features the Neo Savings Account comes with:
Why You Want It
Earn one of the best rates in Canada (3%) + No monthly fees.
Special Features
- No monthly fees or minimum deposit required
- Personalized saving goals to keep you organized and on-track
- Track your goals in real-time
Provinces
ALL
Interest Rates
$0 – $4,999.99
2.25%
$5,000 – $19,999.99
2.5%
$20,000+
3%
Features
# Of Free Transactions
N/A
# Of Free Interac E-Transfers
N/A
Max Promotion Rate
N/A
Welcome Bonus Value
N/A
Promo End Date
N/A
Neo Savings Account product rating: 3.7 stars
With no fees, no minimum deposit or balance requirements, and a high interest rate, the Neo Savings Account has a lot to offer anyone looking to open a savings account. It has all the standard features of a HISA, plus a handy tool for goal tracking. There's also extra flexibility for those with a Neo Everyday Account since you can transfer your funds over and take advantage of the unlimited transactions.
It's tough to find things not to like about this account, really…unless you want to get your money out. Since there's no debit card, you'll need to either transfer funds to another Neo account or link an external bank account and transfer that way.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of the Neo Savings Account
Here are a few of our favourite Neo Savings Account features:
Pros
Impressive 3% interest rate
Neo offers an interest rate of 3%, which is higher than what is normally offered by the big banks. All you need to do is have $20,000 or more in your account. This interest rate marks one of the highest in Canada in terms of a regular interest rate – no promotions required.
No monthly fees or minimum deposit requirements
The best high interest savings accounts are those without monthly fees, minimum deposit requirements, or minimum balance rules – and the Neo Savings Account has none of these. It's an easy to start up and easy to maintain type of account.
Personalized goal-tracking tool
It's more of a progress bar than a full-on tool, but it still counts. When setting up your Neo Savings Account, you'll be asked what your savings goal is and then you'll be able to see a progress bar each time you log into your Neo account online. Sometimes a visual reminder like this is all that's needed to provide inspiration.
Open up to 10 accounts at once
You can have as many as 10 Neo Savings Accounts at once time, which means you can use each one to save for specific things. You can also move money between them and your other Neo accounts at no cost, making it convenient to manage your growing funds.
Customizable account name and icons
As you're doing the initial setup, you'll be prompted to name your new account and choose from one of several cute icons to represent it. This isn't exactly the height of technological convenience, but it does add a personal touch to what could otherwise feel like just another savings account.
The cons of the Neo Savings Account
There are a few details about this account that we're disappointed with. Take a look:
Cons
Hard to access your money
The only way to get to your funds is by transferring to another Neo account or a linked account at another bank, which adds an extra step between you and your money. It would be nice if the account could at least send and receive Interac e-Transfers.
No welcome bonus offered
Most banks nowadays have new account offers, usually in the form of cash bonuses or boosted interest rates. Though this Neo account doesn't have any, the regular interest rate is quite high and shouldn't stop you from hanging onto it in the long run.
Neo Savings Account alternatives
Curious as to how the Neo Savings Account compares when it's going toe-to-toe with its competition? Here are some other high interest savings accounts so you can choose which one works best for you:
 | |  |  | |
|---|---|---|---|---|
| Account | Neo Savings Account | Neo Everyday Account | Simplii High Interest Savings Account | Outlook Financial High Interest Savings Account |
| Genius Rating | ||||
| Why You Want It | Earn one of the best rates in Canada (3%) + No monthly fees. | 0.1% interest on your balance + ~3% cash back on purchases. | Get a 4.5% special interest rate + $125 refer-a-friend bonus. | Earn up to 1.85% interest in the account + Deposits are 100% guaranteed. |
| Interest Rates |
|
|
|
|
| # Of Free Transactions | N/A | Unlimited | 0 | 1 |
| # Of Free Interac E-Transfers | N/A | Unlimited | 0 | 0 |
| Max Promotion Rate | N/A | N/A | 4.5% | N/A |
| Welcome Bonus Value | N/A | N/A | N/A | N/A |
| Promo End Date | N/A | N/A | January 31, 2025 | N/A |
| Open an account See more Neo Financial products Compare | Open an account See more Neo Financial products Compare | Open an account See more Simplii Financial products Compare | Learn More See more Outlook Financial products Compare |
FAQ
Does Neo have a high interest savings account?
Yes, it's called the Neo Savings Account and is known for some of the highest interest rates in Canada as well as the lack of monthly fees and other extra features.
What is the interest rate for the Neo Savings Account?
The new Neo Savings Account earns 3% interest. While this is a tiered interest rate you only unlock with $20,000 in your account, the bottom interest rate is still 2.25%, which is still high.
How does the Neo Savings Account compare with other high interest savings accounts in Canada?
The Neo Savings Account has a higher interest rate than many similar accounts in Canada. It has many other attractive features too but it's missing a few key details, such as not having Interac e-Transfers.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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